House Approves FY 2017 Funding for the CDFI Fund

Last night, the House of Representatives debated and passed H.R. 5485, the FY 2017 Financial Services and General Government Appropriations Act. It includes $250 million in appropriations for the CDFI Fund. The bill was passed by a margin of 239-185 votes.

We would like to express our gratitude to all OFN Members who responded to our request and added their CDFI to OFN's sign-on letter opposing the Duffy-Marino amendment. Your outreach rallied our supporters in the House, defeated the amendment, and preserved the CDFI Fund FY 2017 appropriations.

Editors Note: Updated July 8, 2016 at 8:00 a.m.

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Duffy-Marino Amendment is Defeated, Preserving Critical CDFI Funding

Yesterday, July 6, the House of Representatives debated the Duffy-Marino amendment, proposing a $20.7 million cut to the CDFI Fund. The amendment was defeated by a margin of 166-254 votes.

We would like to thank all OFN Members who answered our calls to action over the last few weeks and contacted their congressional delegations, reached out to Rep. Sean Duffy’s (R-WI) and Rep. Tom Marino’s (R-PA) office, and added their CDFI to OFN’s sign-on letter opposing the amendment. Your outreach rallied our bipartisan supporters in Congress to defeat the Duffy-Marino amendment. Seventy-three (73) Republicans and 181 Democrats opposed the amendment.

Today, the House will continue to debate amendments to H.R. 5485, the FY 2017 Financial Services and General Government Appropriations Act, and is expected to vote on final passage by tonight. For up to minute updates, please follow us on Twitter at @OppFinance.

CDFIs deliver capital to where it can have the most impact. Cutting critical funding to these innovative community organizations would mean scaling back quality, affordable financial services in disinvested neighborhoods across the country. Learn more about how CDFIs are working every day to provide opportunity for all.

Stay tuned to the latest OFN policy updates via @OppFinance on Twitter as the House discusses H.R. 5485 and Duffy-Marino amendment this week.